Fuel prices in South Korea and the US face pressure from rising crude oil costs

Fuel prices in South Korea have seen a slight decrease for 23 consecutive weeks, with the national average for gasoline reaching 1,856.1 won per liter. In the United States, the average gasoline price fell by 6 cents per gallon to approximately $4.27, or about 1,494 won per liter, due to the seasonal transition to less expensive winter-grade fuel.

Despite these local decreases, rising international crude oil prices are threatening to reverse the downward trend. Geopolitical instability in the Middle East, including concerns over supply disruptions following attacks by Houthi rebels, has pushed crude prices toward $100 per barrel. Because international price fluctuations typically impact domestic markets with a two-to-three-week delay, experts suggest that fuel prices in both South Korea and the United States may begin to rise as early as next month.